Grupo Multi (MLAS3) investor relations material

Executive summary

• Net revenue reached R$3,923.8 million in 2025, up 20.6% year-over-year in 4Q25 and 15.8% for the year, reflecting strong growth driven by government and corporate sales.

• Adjusted EBITDA for 2025 was R$176.5 million, with a margin of 4.5%, up 326.5% from 2024.

• Adjusted net income for 2025 was R$136.7 million, reversing a loss of R$-321.2 million in 2024; net income reached R$121.9 million.

• Operational cash generation was robust, with R$819.9 million in 2025 and R$209.0 million in 4Q25.

• Focused on portfolio optimization, expense discipline, and sustainable profitability.

Financial highlights

• Gross margin improved to 24.7% in 2025, up 1.5 p.p. year-over-year, with gross profit at R$970.5 million.

• Adjusted EBITDA margin expanded to 4.5% in 2025 (+3.3 p.p. vs. 2024).

• Net cash position at year-end 2025 was R$166.5 million, up R$197.3 million sequentially from 3Q25.

• Operating cash generation in 2025 was R$819.9 million, with a R$157.9 million reduction in indebtedness.

• Gross debt reduced 24.4% year-over-year to R$490.0 million.

Outlook and guidance

• Initiatives for 2026 include expense discipline, working capital management, portfolio optimization, and continuous market monitoring.

• Management expects continued challenges from global conflicts, logistics disruptions, component shortages, and domestic fiscal and political volatility.

• Will maintain focus on efficiency and capturing new market opportunities.